Market Set to Rise As Autonomous Dream Becomes Attainable

Market Set to Rise As Autonomous Dream Becomes Attainable

Provided by BIS Research.

The automotive industry accounts for a significant share of the global manufacturing sector, which has been affected by changes in global economic dynamics and consumer preferences. A rise in expendable income, as well as the changing needs and preferences of consumers, has contributed to the growth in automobile sales. Despite the sales of passenger vehicles witnessing a decline in the United States in 2015, the global sales of commercial vehicles has soared.

Customers are looking for a better and more luxurious experience and automakers have responded by integrating new safety and luxury features in their vehicles. Some of the features, such as assistance mobility, telematics and connected vehicles, are gradually disrupting the market and unveiling the autonomous vehicle market.

AUTONOMOUS FEATURES

Autonomous vehicles are expected to transform the automotive industry in the coming 10-15 years. Of all the autonomous features, driver assistance mobility is witnessing the biggest growth in terms of revenue generation at present. Adaptive cruise control, parking assistance, lane departure warning and automatic braking are some of the other popular ADAS systems available. It is estimated that around 50 million vehicles are equipped with at least one of these features. By 2025, this figure is forecast to grow significantly.

Telematics and connected cars systems will also disrupt the market. They provide features like fleet management, vehicle tracking using GPS, infotainment and driver coaching. All of these features, consolidated with highly efficient software, hardware and mapping solutions, will take vehicle automation to the next level of development.

RESEARCH AND DEVELOPMENT

The automotive industry is investing huge amounts in the research and development of autonomous vehicles, as demands for sophisticated and effective technologies are increasing, owing to the need to maintain proper public transportation and safety against accidents. Vehicle features, such as powertrain, light-weighting and aerodynamics, are being improved continuously, owing to enhanced fuel economy and emissions target. Major players are incorporating a variety of creative technologies to attract buyers.

Public and private companies are investing huge amounts in autonomous technology because they believe it will lower accidents and provide a higher degree of road safety. Autonomous vehicles will reduce the dependency on human driving skills and prevent a large number of fatal accidents globally. These vehicles can reduce traffic density using fleet formation and reduce congestion further by using robotic systems to park themselves.

However, that’s not to say there aren’t challenges. The substandard condition of roads worldwide, and technical and safety concerns regarding automated vehicles are some of the challenges faced by both the original equipment manufacturers (OEMs) and system manufacturers.

FINAL WORD

BIS Research has conducted extensive research into the autonomous vehicle industry and compiled a report titled ‘Global Autonomous Vehicles Market - Analysis & Forecast (2016-2025)’. The report covers the technology and penetration of level 3, level 4 and level 5 autonomous systems in passenger cars for the years 2015, 2020 and 2025. The market analysis report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.

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Published by Research and Markets

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